Cash Waqf and The Development: A Case Study of Cash Waqf Linked Sukuk in Indonesia

Eko Fajar Cahyono(1*), Sutan Emir Hidayat(2)

(1) Airlangga University
(2) Universitas Gunadarma, and National Committee for Islamic Economy and Finance (KNEKS)
(*) Corresponding Author


This study offers an integrated analysis of the Cash Waqf Linked Sukuk application in Indonesia. The method employed is a review of the literature utilizing many data sources. Several significant ideas, like the sharing economy, Islamic financial innovation, and social impact bonds, have a significant link with the implementation of CWLS, according to the findings. Cash Waqf Linked Sukuk (CWLS) is a tool for placing waqf money (cash waqf) on Indonesia's sovereign Sukuk (SBSN), which was developed to support the social facilities development program. With the presence of CWLS, the private sector can actively contribute to the government's development of public facilities for widespread advantages. The primary advantage of CWLS is that its advantages can be enhanced through the provision of government-managed public infrastructure with solid governance and a low degree of risk. The Indonesian Waqf Board, Bank Indonesia, the Ministry of Finance, Islamic Financial Institutions, the Zakat Institutions, the Ministry of Religious Affairs, Investors, and (Mauquf Alaih) Beneficiaries are involved in the management of CWLS. The study finds that CWLS may be able to aid the community in achieving more sustainable and equitable economic growth.


Cash Waqf Linked Sukuk; Social Impact Bond; Islamic Finance; Innovation; Sustainable Development Goals

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